The Global Market for Pianos is Projected to Exceed 1.3 Million Units by 2022

Despite the Challenges Posed by Non-Musical Instrument Alternatives, Pianos Continue to Sustain Growth, According to a New Report by Global Industry Analysts, Inc.

GIA launches comprehensive analysis of industry segments, trends, growth drivers, market share, size and demand forecasts on the global Pianos market. The global market for Pianos is projected to exceed 1.3 million units by 2022, despite the challenges posed by non-musical instrument alternatives as well as buyers’ extreme price expectations.

Evolved from ‘fortepiano’, a design variant of the then famous harpsichord, the modern day piano owes its origin to the late 18th and early 19th centuries. Piano, a complicated keyboard string instrument with more than 10,000 components produces sound with the aid of simple mechanical actions of strings and hammers. Strings are taut metal wires, while hammers are wooden mallets that are covered with felt. Striking the keys harder or lighter can significantly vary the loudness of individual notes. Dampened by the new wave of innovation in electronics and non-musical instruments related audio-video products such as TV, computer and video games, and online gaming, piano industry continues to sustain demand. Design standardization played a major part in dwarfing the industry’s fortunes and penetration over the years. In most modern day pianos, the key success factor is the lowered total cost as the new age pianos are low cost alternatives to the vintage grand pianos and verticals, often with a computerized synthesizer that mimics tones rather than producing them.

Steady growth is projected for the market in the near term driven by rising popularity of electronic pianos and compact digital pianos. The continued expansion of digital pianos is overriding the acoustic pianos segment supported by its superior attributes of easy portability, non-requirement of tuning, maintenance-free, the MIDI (Musical Instrument Digital Interface) capability, and the ability to produce a variety of piano sounds and tunes of other instruments such as organ, harpsichord, flute, strings, percussion, and others. Another important factor supporting market expansion is the growing prominence of hybrid pianos that are blurring the lines between acoustic and digital pianos by offering acoustic excellence in a technologically relevant module. Developments in the acoustic realm that are expected to re-invigorate market growth include newer materials, special woods, and other special materials that increase durability and stability, and better keyboards with enhanced ‘feel’ factor. Major innovations poised to benefit market prospects for digital pianos include user interface that can be accessed by any HTML5 compatible browser; enhanced DSP servo system; PianoSoft Audio format support; WPS Wi-Fi adapter that adds easy wireless connectivity to the controller app directly or through a wireless network; self-calibrating record and playback system; high-quality digital tone generator; and USB audio recording function.

As stated by the new market research report on Pianos, Asia-Pacific represents the largest and fastest growing market worldwide with a CAGR of 2.6% over the analysis period. Leading the global production and export volumes, China is the emerging giant in the world piano market with production sophistication acquired from European and American counterparts. The relatively immature market, burgeoning domestic demand, rising exports and growing popularity of premium models are expected to fuel the country’s volume and value growth in coming years.

Key players covered in the report include Baldwin Piano & Organ Co., C. Bechstein Pianofortefabrik AG, Casio Computer Co. Ltd., Fazioli Pianoforti s.p.a., Guangzhou Pearl River Piano Group, Ltd., Julius Bluthner Pianofortefabrik GmbH, Kawai Musical Instruments Mfg. Co., Ltd., Korg Inc., Mason and Hamlin Piano Company, Petrof Spol s.r.o., Roland Corporation, Samick Musical Instruments Co. Ltd., Schulze Pollmann, Steinway Musical Instruments, Inc., Walter Piano Company, Inc., Yamaha Corporation, and Young Chang Co. Ltd., among others.

The research report titled “Pianos: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, issues, drivers, mergers, acquisitions and other strategic industry activities of global companies. The report provides market estimates and projections for all major geographic markets such as the US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia, and Rest of Europe), Asia-Pacific (China, India, and Rest of Asia-Pacific), Latin America (Brazil, Mexico, and Rest of Latin America), and Rest of World. Product segments analyzed in the report include Acoustic Pianos (Grand Pianos, and Upright Pianos), and Digital Pianos.

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